The Central Bank of Nigeria (CBN) has released its downward review of charges placed on Nigerians for the maintenance of Automated Teller Machines (ATM) cards and the fees for electronic financial transactions.

According to the changes made by the CBN, bank customers will henceforth pay 10 Naira for each electronic transfer below 5,000 Naira, and 25 Naira for electronic transfer between 5,000 Naira and 50,000 Naira.

The new rule, which takes effect from Wednesday, January 1, states that electronic transfer above 50,000 Naira will be at the cost of 50 Naira.

The review of the fees is contained in the apex bank's lastest guide to charges which also reduced the charges for withdrawals through other bank's ATMs from 65 Naira to 35 Naira.

The 35 Naira ATM fee according to the CBN should be imposed on customers after the third withdrawal within one month.

Added to this, CBN has removed the Card Maintenance Fee (CAMF) on all cards linked to current accounts, with a maximum of 1 Naira per mille for customer induced debit transactions to third parties and transfers to the customers’ account in another bank on current accounts.

The new directive is part of the major highlights of the new Guide to Bank Charges released by the CBN on Sunday.

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